EPS of $-0.05 (Estimated $-0.08)
"GAAP Net Revenue of $472 Million Up 43%
$460 Million Adjusted Net Revenue Up 43% Year-over-Year
Record Adjusted EBITDA of $76 Million Up 772% Year-over-Year and Up 8%
Sequentially New Member Adds of Over 433,000
Quarter-End Total Members Up 46% Year-over-Year to Nearly 5.7 Million
New Product Adds of Nearly 660,000
Quarter-End Total Products Up 46% Year-over-Year to Nearly 8.6 Million"
"Management expects to generate $470 to $480 million of adjusted net revenue in the second quarter of 2023, up 32% to 35% year-over-year, and $50 to $60 million of adjusted EBITDA.
For the full year 2023, management expects adjusted net revenue of $1.955 to $2.02 billion, up from its prior guidance of $1.925 to $2.0 billion, and full-year adjusted EBITDA of $268 to $288 million, up from its prior guidance of $260 to $280 million, representing a 30% incremental adjusted EBITDA margin. Management expects to reach quarterly GAAP net income profitability by the fourth quarter of 2023, with GAAP net income incremental margins 6 for the full year of 20%."
Noto concluded: “Total deposits grew by a record $2.7 billion, up 37% during the quarter to $10 billion at quarter end, and 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) are from direct deposit members. For new direct deposit accounts opened in the first quarter, the median FICO score was 749. More than half of newly funded SoFi Money accounts are setting up direct deposit by day 30, and this has had a significant impact on debit spending. With our launch of offering FDIC insurance of up to $2 million, 97% of our deposits were insured at quarter end."
SoFi continues to thrive in this macro environment:
- SBC has fallen drastically as a percentage of revenue.
- The acquisition of Wyndham Capital on April 3rd completes the three arms of lending under one umbrella. This cut off the middleman fee and maximizes profitability for the most lucrative segment of SoFi's businesses.
- Galileo, Technisys, and bank charter form the pillars for SoFi to become "The AWS of Fintech"
- The wide diversity of SoFi business allows it to thrive in any macro environment.
- SoFi's Savings with direct deposit APY of 4.20% since 4/25 gives an extra push for deposit growth in subsequent quarters.
- SoFi Checking and Savings Offers Access to Up to $2 Million in FDIC Insurance ensuring depositors that their money above $250K won't go up in smoke.
[link] [comments] https://www.reddit.com/r/stocks/comments/134jive/sofi_beats_q1_earnings_and_raises_2023_guidance/
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